Ann: Company Presentation , page-39

Sevo,

Again I think your logic is unassailable but I think I may have seen the difference in approach from the various parties in this debate. I, and I am sure many others, never expect to get a dividend. Never expect RWD to get to production. I fully expect them to be taken over. The major shareholder is 66 years of age, he has a price. When you are in this for capital gains then the extra resource is crucial and exciting because it make us a much more attractive take over target. If you are in this for dividend then the extra resource while pleasing is not so important today because the benefit is some years down the track.